One Finance, an integrated consumer financing platform, launched its services in Egypt with an issued and paid capital worth EGP 100 million. The company is introducing a buy now pay later (BNPL) business model through its integrated consumer financing platform.
The financing services that One Finance works in includes consumer goods and services, household appliances and durable goods, auto loans, education fees, and home finishing.
Hazem Madany, the Deputy Chairman, MD, and CEO of One Finance, stated that the company obtained the consumer finance license from FRA in April this year. Madany also said that the company targets a portfolio size of EGP 400 million by the end of 2022 and a portfolio size of EGP 1.5 billion in 2023.
“One Finance has an ambitious expansion plan, as it aims to establish a strong presence across Egyptian governorates to reach the largest base of customers and support their financing needs. By 2023, we aim to have 90 points of sale, including 16 full-fledged branches. By the end of 2022, a total of 8 branches are scheduled to open in the governorates of Cairo, Giza, Ismailia, Tanta, Shebin El-Kom, Kafr El-Sheikh, Assiut, and Minya,” Madany added.
The company was founded in March 2022 as a joint stock company, Ayady for investment owns 40%, Tamweely owns 30% and Post for Investment 30% of One Finance.
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